[jeff]

Resources:

Free Study Planner + FAR NINJA Notes (Governmental Accounting): https://www.another71.com/cpa-exam-study-plan/

FAR Exam Experience: https://www.another71.com/cpa-exam-forum/topic/far-exam-experience-official-thread

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[MCLKT]

Back at it tonight.

I need to do my financial instruments review I didn't get to last night because, sleep.

Then Inventory and another try at consolidations.

Soooo, you all know consolidations are my weakness. I called the Yaeger review line to see if anyone could walk be through it. And Phil Yaeger said if I'm available tomorrow he will give me a call and he will walk me through any questions I have 🙂 !!!! 🙂

I'm so excited. I'm going to do a quick review tonight to make sure I have good questions over that horrid chapter.

Happy studying FAR FAM, It'll be a power night for me 🙂

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[LSNYC]

What my life has become… OMG PHIL YAEGER IS CALLING YOU! I AM SO JEL! TELL HIM HI! Well I met Peter Olinto once!

This is actually what i just thought when I read MCLKT's last post…..

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[peetree]

OMGZ you met P. Olinto!?!?!

I would want to do a shot with P. Olinto.

I'm so jealous of both of you. Accounting celebrities up in ‘hur

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[Anonymous]

Lol i met Mike potenza hhehehhe remember that guy who did IT in BEC.. I was like i know this guy!! he was good though…

anyway lets get back to power night!

Happy studying FAR fam <3

[MCLKT]

Yes, we need to add this to “you know your a CPA candidate when…” you are star struck by Phil Yaeger! lol.

Financial Instruments, check

moving on…..

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Igotthis]

Hi Everyone,

I am stomped on another question but this time it is leases – Direct Financing Lease:

Glade Co. leases computer equipment to customers under direct financing leases. The equipment has no residual value at the end of the lease and the leases do not contain bargain purchase options. Glade wishes to earn 8% interest on a five-year lease of equipment with a fair value of $323,400. The present value of an annuity due of $1 at 8% for five years is 4.312. What s the total amount of interest revenue that Glade will earn over the life of the lease?

The answer is 51,600.

The part where i am confused is that in the solution, it uses (323,400/4.312) to get the annual lease payment. Is there another way of solving this problem or if possible can someone explain to me the reasoning behind the fair value being divided by the PV of annuity? Since I've always used the fair value multiplied by the PV of annuity but never divide.

Thank you so much!!! Happy studying everyone!! I bought a pack of redbulls just for this weekend!

[Igotthis]

@peetree.

Peter Olinto actually teaches at hotel pennsylvania live classes in New York some times. If you attend classes there, you might actually have a chance to ask him to have a shot with you.. It is funny since he actually joked about it one time in class where he had a shot with a student after they passed all 4 parts with Becker.

[Anonymous]

@Igot this : Interest amt = Gross Investment – net investment

Gross Investment = total Future pyts + un-guaranteed residual value –> to calculate future pyts we have to convert PV in future —> PV= Future Pyt * PV rate ( Here PV ,and PV factor rate is given, so equate those numbers in equation to get the future pyts ) = $75,000

Gross Investment = total Future Payments= $75,000*5 = 375,000

Net investment = PV = F.V of an investment which is given $323,400

TOTAL INTEREST = 375,000-323.400 = $51,600

[Anonymous]

Hello FAR lovers

I got quick question:

in Becker book reconciliation between Beginning OCI and ending OCI = (Net loss incurred )+ Amortization of prior sercice + Amortization of Net loss + Amortization of net transition obligation

I dont understand” Why net loss incurred is included in OCI?

Thankss xxxxx

YO POWER LONG WEEKEND!!!!

[yemdross]

Hi FAR FAM, exam is just 11 days away..still on chapter 8. Trying to get chapter 9 done this weekend as well.

I am not sure if I can do this exam by Feb 27. I already paid for AUD which expires on April 1, if I move FAR , I would not be able to attempt it until April 1 then I would lose my hard earned money which I could have used to buy me some shoes…Anyway just venting, I DO NOT APPRECIATE HOW CPA TREATS ME!

Wifey is pregnant and baby is on the way, March 27 is the day..I have been postponing the birth class so I need to do it this coming weekend so next saturday is out of my study schedule.

This group has really helped me and I have made up my mind that my next attempt will be a pass. I used to be on Becker forum before but that really limit my exposure. I am the busy type when it comes to work, commute one hour each way, so time is really a precious thing to me.

My Becker software is going to expire in 95 days so that tells you I have been in this game for a while.Becker will demand another $2k to update this software, I WILL NEVER FALL FOR THEIR BAIT AGAIN! Don't get me wrong , Becker is really good but just overrated!

TIME has really been my CONSTRAINT…Time management is one of the key thing wth passing CPA, starting with planning your exam date.

Decision time…

What would you do????

2014 experience..No more excuse, this is it!
I CAN'T KEEP CALM UNTIL I BECOME A CPA

[peetree]

@nam remember that a company can elect to record differences between actual return and expected return on the income statement or on the balance sheet in OCI. Most organizations choose OCI because it allows them to smooth out the difference to income using the corridor approach.

It should be net-loss or net-gain when comparing expected to actual.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[peetree]

@igotthis Remember that a direct financing lease has no gross profit because

present value = carrying amount of receivable = cost of asset sold.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[peetree]

Also @Nam lets test! How do you figure out what amount of the net-gain or net-loss to amortize to periodic pension expense?

😀

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[Anonymous]

ok lol 😀

this is used whn compnay is using expected rate of retuen , else its expense immediately on I/S..

so Step 1 calculate expected return on Aset = expected rate %* Beg paln asset

Step 2 : year 1 no amortization ( lol just learn this from becker mcq) 😀

Step 3 actual return on plan asset = beg plan asset + contribution- benefit paid – end plan asset

Ste4 : actual return> expected return = unrecognized Gain and if actual retun< expected return = Unrecognized loss

Step 5 : corridor approah i.e greater of 10% PBO or plan asset .( Pension is GREATTTT ) lol

Step 6 – subtract the greater 10% of pbo or plan asset form unrecognized G/L

Step 7 : remaining balace goes to OCI – and amortize remaining life …

[Anonymous]

Peetree: What's my score ? please tell me i passed LOL

planning to make notes on Chp 6 and chp 7 then non stop MCQS…

brb with more quiz Peetree lol

[Author]

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